Millennials: people born between the 1980s and the early 2000s. A massive portion of the population today and very different from earlier generations, as having grown up surrounded by technology. According to statistics posted by Bazaar in 2017, millennials have more spending power than any other generation. This matters to real estate agents because these are the people you are going to be selling homes and apartments too, but marketing real estate to millennials is quite different.
We’ve put together seven tips to help you market real estate property to millennials.
1. Advertise On Social Media :
You can count on the fact that most millennials will be on some form of social media. Instagram, Twitter, Facebook, SnapChat. They have grown up with social media and it’s a way for them to stay in contact, engage and become informed. Advertise your properties on social channels to increase your reach to the millennial bracket, using attractive imagery that sells each detail about the home.
2. Move To Mobile Communications :
Millennials are completely in tune with their smartphones and will use them to conduct research, ask opinions, make purchases and browse the real estate market. According to Edelman Digital, 41% of millennials use their smartphones to make purchases. While they won’t be buying an apartment with their phones, it does express the connection they have with mobile technology.
Communicating with your potential buyers via mobile messaging is essential. WhatsApp and other IM platforms will make it so much easier for them to communicate with you about their desires and concerns.
3. Develop A Mobile Application :
Take mobile technology to the next level by developing a mobile application for your real estate business. Make it easy for potential buyers to browse available properties by having them all located in a user-friendly, seamless and slick mobile app. Advertise homes for sale and for rent, upload beautiful imagery for each property, location specifics, maps, directions, and all available contact details. Not only will your brand appreciation soar, but so will your leads.
4. Focus On Attributes Of The Neighborhood :
Millennials will buy into a lifestyle. What are the corner cafés in the area like? Are there shops that you can walk to? What is the community like and would they fit into the area? Is there public transport? Selling the neighborhood is as important as selling the home or property. Do your research into the community and the lifestyle in the area so that you can pitch these attributes to your future homeowner.
5. Offer Advice Freely :
Millennials are generally first-time home buyers and they will no doubt be cautious and hesitant, as all first-timers are. Be there to answer their questions and concerns and offer information that can help them in their decision-making process. If they view you as a helpful resource, they will no doubt also trust you when it comes time to invest their money in a property.
6. Be Responsive :
Remember that millennials have grown up in the era of technology, where everything is delivered immediately. Don’t take too long to reply to emails, messages or social media posts. Their attention will easily be diverted if you prove to be unavailable.
7. Create A Hub Of Testimonials :
Trust is a key feature that millennials will respond to. They will also trust the opinions of their friends, colleagues, and associates more than they’ll trust the word of a real estate agent. Start collecting reviews and testimonials from your previous clients and build up a collection of reliable statements that back up the work you do in the real estate industry.